One Pastor Ernest Chigozie Mbanefo, has been revealed as the mastermind behind booming Ponzi scheme in Nigeria known as MMM Nigeria.
Report has it that Ernest Chigozie Mbanefo, is a South African-based pastor who was once with the Living Faith Church A.K.A Winners Chapel, in Nigeria.
Pastor Mbanefo who is said to be the founder and owner of the MMM-Nigeria domain, which he registered on June 7, 2016, after he made a one-year domain payment which will expire June 7, 2017.
Mbanefo was issued a ‘certificate of completion’ from the MMM Academy (signed by the owner, Sergei Mavrodi), for completing his MMM Guiders School, on July 15, 2016. The scheme reportedly has about 509, 021 members.
Pasotor Mbanefo, has been was tracked to the scheme, after a site known as news.mmm-nigeria.net hailed him as the leader of the ponzi scheme in Nigeria.
“MMM Nigeria Super Guider; Pastor Ernest Mbanefo, has been selflessly helping thousands of MMM Nigeria Participants whether or not they fall under his downline structure. The brain behind the MMM NIGERIA REVOLUTION operation has been working selflessly and tirelessly towards the education, information and proper guidance for the MMM Nigeria Community.”
MMM Global – a Russian company which is responsible for one of the world’s largest Ponzi schemes in the 1990s, was founded by Russian politician, Sergei Mavrodi, his brother Vyacheslav Mavrodi and Olga Melnikova.
The name of the company was taken from the first letters of the three founders’ surnames (MMM). Like MMM Global, the Nigerian scheme is also a pyramid marketing scheme where an investor gets a 30 percent return on investment.
The Chinese government in January, banned MMM on the grounds that it is a pyramid scheme, (Ponzi scheme), and it is not registered in the country.
MMM reportedly crashed in Zimbabwe, leaving thousands of ‘Mavrodians’ in Zimbabwe in tears as many lost tens of thousands of their lifetime savings.